Maintain BUY with a TP of Rs 210 (3x Mar-20E ABV of Rs 70). CUBKs 1Q show mirrored its stable performance through FY18 as advances grew ~17% YoY and fee traction sustained (up 12% sequentially). While margins were down 12bps QoQ (4.24%) the dip was on expected lines. Though CUBK continues to prudently provide (~Rs 80mn) on O/S SRs, overall provisions were down ~10% sequentially. Sustained SA traction (+2% QoQ after a 10% sequential jump in 4Q) was an added positive.